USDJPY: Prices Remain Locked in Range
Positioning is broadly unchanged from what we noted last week, with prices oscillating between the 76.4% and 50% Fibonacci extension levels at 76.25 and 77.63 respectively. An Inverted Hammer candlestick above support hints an upswing may be ahead, but betting on follow-through in the current environment clearly seems like asking for too much. If a meaningful upswing does materialize, we will wait on a break above resistance at the top of a falling channel set from early April before getting long.
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